iRobot Reports Strong Third-Quarter Financial Results

Exceeds Third-Quarter and Increases Full-Year 2016 Financial Expectations

Oct 25, 2016

BEDFORD, Mass., Oct. 25, 2016 /PRNewswire/ — iRobot Corp. (NASDAQ: IRBT), a leader in delivering robotic technology-based solutions, today announced its financial results for the third quarter ended October 1, 2016.

iRobot logo.

„Our third-quarter performance was outstanding. We delivered revenue and profitability exceeding our expectations. Based on our Q3 results and the excellent momentum we have going into the holiday season, created by our successful marketing programs, we are increasing our full-year financial expectations for the second quarter in a row. We now expect fiscal 2016 revenue of $650 to $655 million, Net Income of between $38 and $41 million, EPS of between $1.36 and $1.44, and Adjusted EBITDA of $88 to $92 million. These expectations reflect our increased confidence that 2016 growth in the United States, of more than 25%, will drive total consumer revenue growth of approximately 15% for the full year,“ said Colin Angle, chairman and chief executive officer of iRobot.

„As we have said previously, the revenue split between Q3 and Q4 is always difficult to predict due to the timing and shipment of consumer products for the holiday season. This year, our new partner in China requested Q3 delivery of some Braava jet and Roomba orders that we were expecting to ship in Q4. This resulted in higher than anticipated consumer revenue and profitability in Q3.

„We are very excited about our results year-to-date and the outlook for the fourth quarter as our successful marketing programs continue to drive demand generation in the U.S. and overseas. It is very satisfying that, in this transformative year, our current full-year expectations are well above those we provided in February.“

Financial Results

  • Note: Financial results for the third quarter of 2015 include the Defense & Security business which was sold onApril 4, 2016. There are no results for the Defense & Security business included in our financial results for the third quarter of 2016, other than support services provided by iRobot, recorded as other income.
  • Revenue for the third quarter of 2016 was $168.6 million, compared with $143.6 million for the third quarter of 2015.
  • Net income in the third quarter of 2016 was $19.5 million, compared with $12.8 million in the third quarter of 2015.
  • Quarterly earnings per share were $0.70 for the third quarter of 2016, compared with $0.42 in the third quarter of 2015.
  • Adjusted EBITDA for the third quarter of 2016 was $35.5 million, compared with $25.9 million in the third quarter of 2015.

Business Highlights

  • Year-over-year consumer quarterly revenue growth of 23% was driven by APAC following a very successful launch of Braava jet in that region.
  • Domestic revenue grew 13% over Q3 last year, and orders-in-hand plus anticipated Q4 orders support our expectation of substantial year-over-year quarterly growth in Q4.
  • We introduced the Roomba 960 and connectivity for Braava jet, expanding our suite of connected products for the home.

Financial Expectations

Management provides the following expectations with respect to the fourth quarter and fiscal year ending December 31, 2016.

Q4 2016:


$202 – $207 million

Net Income                   

$10 – $13 million

Earnings Per Share          

$0.36 – $0.44                          

Adjusted EBITDA               

$22 – $26 million


Fiscal Year 2016:            


$650 – $655 million                                        

Net Income                      

$38 – $41 million

Earnings Per Share           

$1.36 – $1.44                                      

Adjusted EBITDA              

$88 – $92 million                                            


Third-Quarter Conference Call
iRobot will host a conference call tomorrow at 8:30 a.m. ET to discuss its financial results for the third fiscal quarter 2016, business outlook, and outlook for fourth-quarter and fiscal year 2016 financial performance. Pertinent details include:


Wednesday, October 26, 2016  


8:30 a.m. ET

Call-In Number:      





A live, audio broadcast of the conference call will also be available at

An archived version of the broadcast will be available on the same website shortly after the conclusion of the live event. A replay of the telephone conference call will be available through November 3, and can be accessed by dialing 630-652-3042, passcode 40924300#.

About iRobot Corp.

iRobot designs and builds robots that empower people to do more. The company’s home robots help people find smarter ways to clean and accomplish more in their daily lives. iRobot’s portfolio of solutions features proprietary technologies for the connected home and advanced concepts in navigation, mobility and artificial intelligence. For more information about iRobot, please visit

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